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that the City submit a request to the Anoka County I-IRA to allocate $400,000 in City dedicated <br />County levy funds towards the project. These funds represent Ramsey's share of County funds <br />generated by the City's participation in the County HRA levy. The recommendation of the HRA <br />was that the Council approve the allocation of County HRA funds towards the Town Center <br />apartment project. <br /> <br />Mayor Gamec inquired if approval of these funds would commit the City to proceeding further <br />with this project. <br /> <br />Community DeVelopment Director Trudgeon replied the Committee recommended a <br />contingency that the expenditure of the funds is contingent on site plan approval for this project. <br />This could be added as Condition No. 3. <br /> <br />Mayor Gamec inquired about the effects of this project on the estimated taxes based in the fiscal <br />impact study for Town Center. <br /> <br />Councilmember Strommen noted the fiscal study did not take into account anything on floors 2 <br />through 5.. <br /> <br />Community Development Director Tmdgeon indicated the Town Center fiscal impact study <br />included apa~hnent buildings. This project will provide a benefit beyond what was estimated in <br />the study. <br /> <br />Mayor Gamec commented approval of this expenditure will likely mean that the project will <br />proceed, as the County generally does a good job on site plans. <br /> <br />Councilmember Olson expressed her agreement with the location for this project and the use of <br />the funds. <br /> <br />Mayor Gamec asked if the shops on the first level will be leased out. <br /> <br />Community Development Director Tmdgeon replied currently RTC owns this land. In theory, <br />RTC could own the building, or the retail portion could be sold off with ACCAP owning the air <br />rights. ACCAP does not want to own the retail portion of the building. <br /> <br />Motion by Councilmember Olson, seconded by Councilmember Pearson, to ratify the <br />recommendation of the HRA in Case No. 2 and to adopt the Resolution #06-05-158 requesting <br />allocation of Ramsey dedicated County HRA funds towards the Town Center Apartment Project <br />in the amount of $400,000, contingent on site plan approval for this project. <br /> <br />Further discussion: Counciimember Elvig noted this is a loan to a private entity that is from <br />dollars the taxpayers' have already paid that are sitting in a pool and not being utilized. Getting <br />this money in action to build out Town Center is a win/win situation. <br /> <br />Motion carried. Voting Yes: Councilmembers Olson, Pearson, Elvig, Jeffrey, and Strommen. <br />Voting No: None. Abstain: Mayor Gamec. Absent: Councilmember Cook. <br /> <br /> City Council / May 9, 2006 <br /> Page 22 of 30 <br />-68- <br /> <br /> <br />